Asa faces potential legal action over share agreement
JOHANNESBURG (miningweekly.com) – Aim-listed Asa Resources has been hit by a legal claim in the High Court of Zimbabwe by Zindico Consortium over an unsigned agreement relating to its Freda Rebecca gold mine.
The group on Thursday announced that it had been served with legal documents requesting it to implement a two-year-old draft, unsigned agreement, allegedly negotiated by former Mwana Africa CEO Kalaa Mpinga, in relation to Zimbabwean indigenisation laws.
Reports by Zimbabwe-based media publication, The Herald, early in January, claimed a group of local investors were embarking on a $20-million lawsuit against Asa for “refusing to acknowledge” a 26% share sale and purchase agreement that had allegedly been signed in 2013.
A signed agreement would have been conditional upon the approval of the then Mwana Africa board of directors. The company maintains the document had not been submitted to the board and had not been approved.
In a statement, Asa Resource said it was seeking legal advice and would update the market in due course.
Asa changed its name from Mwana Africa in October 2015.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation